An Important Message About The Value Of Your House
- Your house has many values; one to the tax assessor, others to your lender and insurance company and yet another value to you, the owner. It also has different values to prospective buyers depending on their needs, desires and financial resources.
- The best price obtainable at any given time can only be determined by thoroughly and aggressively testing the market and challenging the competition. In the final analysis, the market dictates value, based on current conditions, the current supply of buyers and the current competition.
- The listing price you select will be at best an estimate of what you think those “test results” are likely to be once your house is placed on the market. To aid in the selection of a listing price, a Coldwell Banker Rhodes & Company representative will prepare a Competitive Market Analysis.
- Since buyers engage in comparison shopping, the Competitive Market Analysis focuses on properties now on the market which are competing for the attention of those buyers. In addition, houses that have recently sold and those that were on the market and did not sell will also be examined. These properties will tell us what buyers were and were not willing to pay.
- The listing price selected for your house must attract attention and generate activity among the buyers and brokers who are active in the present market.
- In conclusion, the best price obtainable for your house will ultimately be determined by the market. It is highly unlikely that a buyer will pay more for your property than would have to be paid for a similar property with like amenities and features. All other considerations aside, houses that do not meet the current competition in price and terms simply do not sell. In fact, they may even help sell the competition!